Correlation Between Refex Industries and Jayant Agro
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By analyzing existing cross correlation between Refex Industries Limited and Jayant Agro Organics, you can compare the effects of market volatilities on Refex Industries and Jayant Agro and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in Refex Industries with a short position of Jayant Agro. Check out your portfolio center. Please also check ongoing floating volatility patterns of Refex Industries and Jayant Agro.
Diversification Opportunities for Refex Industries and Jayant Agro
0.21 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Refex and Jayant is 0.21. Overlapping area represents the amount of risk that can be diversified away by holding Refex Industries Limited and Jayant Agro Organics in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jayant Agro Organics and Refex Industries is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on Refex Industries Limited are associated (or correlated) with Jayant Agro. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jayant Agro Organics has no effect on the direction of Refex Industries i.e., Refex Industries and Jayant Agro go up and down completely randomly.
Pair Corralation between Refex Industries and Jayant Agro
Assuming the 90 days trading horizon Refex Industries Limited is expected to generate 1.37 times more return on investment than Jayant Agro. However, Refex Industries is 1.37 times more volatile than Jayant Agro Organics. It trades about 0.14 of its potential returns per unit of risk. Jayant Agro Organics is currently generating about 0.07 per unit of risk. If you would invest 14,192 in Refex Industries Limited on September 12, 2024 and sell it today you would earn a total of 40,518 from holding Refex Industries Limited or generate 285.5% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Refex Industries Limited vs. Jayant Agro Organics
Performance |
| Timeline |
| Refex Industries |
| Jayant Agro Organics |
Refex Industries and Jayant Agro Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Refex Industries and Jayant Agro
The main advantage of trading using opposite Refex Industries and Jayant Agro positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Refex Industries position performs unexpectedly, Jayant Agro can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in Jayant Agro will offset losses from the drop in Jayant Agro's long position.| Refex Industries vs. Jayant Agro Organics | Refex Industries vs. Mrs Bectors Food | Refex Industries vs. Hindustan Construction | Refex Industries vs. Hindustan Foods Limited |
| Jayant Agro vs. Steel Authority of | Jayant Agro vs. Embassy Office Parks | Jayant Agro vs. Indian Metals Ferro | Jayant Agro vs. JTL Industries |
Check out your portfolio center.Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Money Flow Index module to determine momentum by analyzing Money Flow Index and other technical indicators.
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